10 April 2016
Hello Experts, During the fire tragedy in office, furniture & computer, Laptop has been completely burnt however this furniture and computer was disclose as fixed assets therefore depreciation was also charged on both said assets, please clarify weather the assets loss is deductable in P/L A/C or not,
10 April 2016
Yes, you can write off WDV of asset in profit loss account.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
10 April 2016
Sir are you 100% sure that assets loss is eligible to write off in profit & loss account....
If yes... plz clarify my one more doubt.... assume the asset opening wdv is 1 Lakh and i have sold this asset in 50000 then the loss of 50000 is not eligible to write off in profit & loss account right.....
Please clarify both my query above & earlier discussed...